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Jan152017 by wealth18.comNo Comments

How to open Airtel Payment Bank Account- 7.25% Savings Account Interest

Banking, News

Jan 2017 Airtel has now rolled out its payment bank across India. If you want to earn its attractive 7.25% interest, you can open an account. You donot need to submit any kind of documents as it is a paperless approach, using Aadhaar-based e-KYC. Anybody who is an Airtel user, having an Aadhaar card, PAN card and carrying a smartphone with Internet connectivity can become a member of Airtel’s Payments Bank and earn an interest of 7.25% p.a by depositing a maximum of Rs.1 lakh. Here are the steps for you to open an Airtel Payments Bank account: 1) Register at www.airtel.in/money Users Who are already a member of Airtel money and are using the wallet for making the transaction, only needs to update their app to use the payments bank facility. 2) Once you have opened the website, you n...

Nov232016 by wealth18.comNo Comments

Demonetisation- Latest rules on withdrawal and exchange of old notes

News

Over the past few days, government has been changing the rules for withdrawal and exchange mostly every day. In this post, I am trying to capture the latest rules: Updated 23-Nov-2016 1) Now you can withdraw upto Rs 2000 from Big Bazaar stores - From Nov 24, You can get Rs 2000 by using your debit / ATM card. The facility is now available at 258 Big Bazaar and fbb stores in over 115 cities and towns across the country. Big Bazaar has tied up with State Bank of India and enabled mini ATMs across all 260 stores to help consumers withdraw cash while they shop. [xyz-ihs snippet="ad1"] Also Read: How to convert black money into white money How to use Paytm for making cashless payment to Kirana stores 1) You can get upto Rs 2000 cash from selected petrol pumps: Now you can swipe your de...

Nov212016 by wealth18.comNo Comments

GST slab rates fixed – Check the impact

News

GST Council has fixed four-tier GST structure in Nov 2016 and it is expected to be rolled out from April 2017. The rate structure is 5%, 12%, 18% and 28% with lower rates for essential items and highest for luxury items. GST 0% Tax - Some essential items including food grains, which presently constitute roughly half of the consumer inflation basket, will be taxed at zero rate. GST 5% Tax - mass consumption items such as edible spices, tea, coffee, mustard oil will fall under this tax slab. GST 12% Tax - Process food items such as bread, cheese, readymade meals, milk, Computers will fall under this tax slab. GST 18% Tax - Soaps, Oils, shaving sticks, toothpaste, refrigerators, smart phones GST 28% Tax - Most white goods, like washing machines, air conditioners, will be taxed at 28 perce...

Nov202016 by wealth18.comNo Comments

List of petrol pumps giving Cash

News

Government has now allowed selected petrol pumps to give cash upto Rs 2000 on swiping of your debit card. At present this facility is available to state run petrol pumps which has SBI POS Machine only. This will be extended to other pumps within few days to other bank's machine (ICICI, HDFC,Citibank) Here is the list of 700 petrol pumps that are dispensing cash - petrol-pumps [xyz-ihs snippet="ad1"] Note that the daily limit for petrol pump is Rs 1 lakhs., which means they can only serve 50 customers in a day. In many petrol pumps bank staff has not setup machines or provided cash yet. See the latest rules for the exchange , or deposit or convert the old currency notes. Government are changing rules frequently. Check the latest update here.

Nov192016 by wealth18.comNo Comments

What is Paytm? How to use Paytm to pay / receive money ?

News

When the whole country is struggling to exchange old currency notes & depositing cash into Bank, mobile payment wallets are coming handy. You can use these wallets to make payment for grocey, shopping , cab booking etc. Even your local kirana store man can use it for receiving payment. One of the most popular mobile wallet in India is Paytm. In this post, I am providing more details on paytm, how you can use it and get benefits now. What is Paytm? Paytm is the largest online payment platform in the country claiming to have 15 crore users. It is a digital platform that allows you to transfer money into an integrated wallet. You can transfer money to the wallet using online banking, debit card or credit card, deposit cash via select banks / partners. Using the paytm wallet, you can m...

Nov82016 by wealth18.comNo Comments

Rs 500, Rs 1000 notes illegal now – What to do ? How to exchange ?

News

Prime Minister Narendra Modi, addressing the country tonight, announced that Rs. 500 and Rs. 1000 notes will not be used from midnight onwards. Modi said the notes of Rs 500 and Rs 1000 “will not be legal tender from midnight tonight” and these will be “just worthless piece of paper.” On November 9 and in some places on November 10, ATMs will not work. Some Exceptions For 72 hours, these places and institutions will continue to accept Rs 500 and Rs 1000 notes for payment: --Government hospitals will continue to accept old Rs 500, Rs 1000 notes for payment. --Rrailway ticket booking counters, ticket counters of government buses and airline ticket counters at airports will accept old notes for purchase of tickets. --Petrol, dies...

Oct262016 by wealth18.comNo Comments

Debit Card Fraud, Data Breach – What to do?

News

Have you heard of recently Debit card fraud last week that impacted more than 32 lakhs card? Are you worried about it? Do you want to ensure the security of your card? So the first step, you should do is check your bank transaction to see if there are any unexpected transactions. What actually happened? On Sep 5, some banks came across fraudulent transactions where debit cards were used in US & China while the cusotmers wewre in India. Cardholders also detected such fraud transactins. The banks complained to NPCS (National Payment Corporation of India that oversee retail payment in India. On investigation, they found that a malware security breach in a vendor system - Hitachi payment services that provide ATm & other services. According to NPCI, 90 ATMs have been compromised, ...

Oct72016 by wealth18.comNo Comments

All Home buyers can get relief for delay by builders : Consumer Commission Judgement

News

National Consumer Disputes Redressal Commission (NCDRC) has issued a judment on Friday where all home buyers of a housing project will automatically be the party to a case filed against the builder irrespective of whether they have filed the case or not (under Section 12 (1) (c) of the Consumer Protection Act). The failure of the builder/ developer to deliver possession of the flat / plot sold to them and a complaint filed for the benefit of or on behalf of all such consumers and claiming same relief for all of them, would be maintainable under Section 12(1)(c) of Consumer Protection Act. The interest of the persons on whose behalf the claim is brought must be common or they must have a common grievance which they seek to get addressed. The defect or deficiency in the goods purchased, or ...

Sep242016 by wealth18.comNo Comments

New EPF Form 11 – Employee Declaration form & Replacement for EPF Form No. 13 (PF Transfer)

News, PF

When you change our employer, then you need to submit 2 forms - Form No. 11 (Declaration form) and Form No. 13 (for PF transfer from old EPF account to you new EPF account). However, EPFO has recently (23-Sep-2016) issued a notification which requires to submit one form only - new EPF Form 11. The new Form 11 is a one page declaration form and a simplified version of the existing Form 11. You do not need to submit Form 13. As per the notification, the Declaration Form (New Form No. 11) will replace Form No. 13 in all such cases where existing EPF member makes a request for transfer of his fund availing the facility of UAN (Universal Account Number). So, if you have UAN number allotted and your KYC details are verified by your previous employer, you can just submit new EPF Form 11 to your ...

Sep212016 by wealth18.comNo Comments

ICICI Prudential Life IPO Oversubscribed 10.44 times on last day

News

Following a slow start on first two days, the IPO for ICICI Pru life is over-subscribed 10.44 times on the last day of subscription (21st Sep 2016). The IPO has received bids for 138.58 crore equity shares against issue size of 13.23 crore shares (excluding anchor investors' portion). Qualified institutional buyers oversubscribed 11.83 times Non-institutional investors' category 28.55 times Retail investors oversubscribed 1.4 times and Shareholders' quota 12.2 times. I already posted the details of ICICI Pru LIFE IPO and its review in my earlier post. See this link. On Day 1 – 19th Sep – IPO subscribed 15% n Day 1 (Retail – 25%, NII – 4.48%, QIB – 6%, Shareholder quota – 20%) Grey Market Premium (GMP) – In the grey market, ICICI Prudential shares are quoting at ...